Financial Safety and Equity Act of 2005
Latest action · Oct 17, 2005 Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 22, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Financial Safety and Equity Act of 2005 - Amends the Bank Holding Company Act of 1956 regarding interests in nonbanking organizations to provide that any company that controls an industrial loan company, industrial bank, or similar institution shall become a financial holding company.
Requires such entity to comply with all federal conditions, requirements, restrictions and limitations applicable to a financial holding company.
Grants a five-year divestiture period for nonconforming activities to an entity that: (1) owned or controlled an industrial loan company, industrial bank, or similar institution on January 1, 2005; and (2) was not a bank holding company or a foreign bank on that date.
Cosponsors 4
Members who signed on, in the order they did. Signatures ran from Nov 4, 2005 to Jul 25, 2006.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OH | Tim Ryan | Nov 4, 2005 | |
| D-IA | Leonard L. Boswell | Jun 13, 2006 | |
| I-VT | Bernard Sanders | Jul 12, 2006 | |
| R-IA | Steve King | Jul 25, 2006 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Sep 22, 2005 |
| Consumer Protection and Financial Institutions Subcommittee | Referred Oct 17, 2005 |
Actions 3
Everything that happened, newest first.
- Oct 17, 2005Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- Sep 22, 2005Introduced in House
- Sep 22, 2005Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 109-106 | ILC's--A REVIEW OF CHARTER, OWNERSHIP, AND SUPERVISION ISSUES304 pages | Financial Services Committee | Jul 12, 2006 |
| Serial No. 109-72 | MONETARY POLICY AND THE STATE OF THE ECONOMY126 pages | Financial Services Committee | Feb 15, 2006 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To preserve competitive equity in financial services.
- Short Titles as Introduced
- Financial Safety and Equity Act of 2005
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Sep 22, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.